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Young People Keen on Bitcoin (BTC) Amid COVID-19, Mike Novogratz Explains Why

News
Wed, 03/25/2020 - 14:15
Yuri Molchan
Now that the economy is suffering from the coronavirus, Bitcoin is becoming more popular with millennials and generation Z, Michael Novogratz offers an explanation
Cover image via www.youtube.com

The CEO of Galaxy Digital, Mike Novogratz, has taken to Twitter to share his thoughts on why millennials and other young age groups prefer Bitcoin over stocks and other traditional assets.

Now that the equity markets are plunging and such major assets as S&P 500 and even gold are not in top form due to the COVID-19 virus, Bitcoin seems to be holding firmly in the mid-$6,000 zone.

Related
Bitcoin (BTC) Has Massively Outpaced Gold (XAU) Since 2011: VanEck’s Expert

Mike Novogratz says that the current ‘QE infinity’ measures initiated by the Fed Reserve, in which a whole $2 trln is going to be injected into the economy (along with the ‘free cash’ offered to US citizens by President Trump) are going to bankrupt the USA.

Crypto influencers are pouring tons of criticism over this move.

The younger generation – millennials and Gen Z – Novogratz says, are going to inherit all of this. As the slogan ‘Bitcoin fixes it’ is repeated more and more frequently in the crypto community, Mike Novogratz believes this to be the reason, why young people currently prefer investing in Bitcoin.

About the author

Yuri is a journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future. ‘Hodls’ cryptocurrencies. Has written for several crypto media. Currently is a news writer at U.Today.

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